VC firm, GreenTec commits into Nigerian wholesale e-commerce platform, Pricepally.
Micro Venture Capital firm, GreenTec has invested in innovative Nigerian wholesale e-commerce platform, Pricepally.
Pricepally.com is an online store that allows customers to shop bulk items with your family and friends so customers can enjoy deep discounts on the prices of food and daily needs.
Using principles of the Shared Economy, Pricepally brings consumers together directly with farmers, manufacturers, and wholesalers to mutual benefit.
Speaking on the investment, Senior Company Builder of GreenTec Capital Partners, Maxime Bayen said, “At the origin of Pricepally was the deep desire from a group of people to allow households to access essential and quality food at more affordable price. We, at Greentec Capital, are thrilled to be supporting this team of young, brilliant, and gender-balanced co-founders on such an important mission !”
Pricepally aims to reimagine the food system in Africa, by connecting relevant stakeholders through their platform to build out the infrastructure to reach more Nigerians.
Furthermore, Chief Executive Officer of Pricepally, Luther Lawoyin said “At Pricepally we are excited about our collaboration with GreenTec Capital, we see this as a significant step in achieving our vision of a sustainable food system for urban African cities. We are very aware of the huge challenge ahead but we are also very confident in this partnership and we look forward to the future.”
Since its inception, the platform has grown substantially, especially in the Coronavirus pandemic which created an increased demand.
Currently, Pricepally is available in the Lagos area and offers one to two day delivery on orders.
Pricepally was founded in 2019 by Luther Lawoyin.
Also, GreenTec Capital Partners is a German-based investor that invests in African start-ups and SMEs with a focus on combining social and environmental impact with financial success.